智通财经网·2025-11-04 08:51Group 1 - The Chinese Ministry of Finance announced a new policy reducing the VAT deduction for jewelry retailers from 13% to 6%, increasing gold procurement costs by approximately 7% [1] - The policy will be effective from November 1, 2025, to December 31, 2027, and is expected to lead to a preemptive purchasing trend before anticipated price increases [1] - Companies like Lao Pu Gold (06181) and Chow Tai Fook (01929) are expected to pass these costs onto consumers, with no long-term concerns regarding the impact on gross margins for gold jewelry stocks [1] Group 2 - Lao Pu Gold's recent price increase on October 26 is seen as sufficient to offset recent gold price rises, minimizing immediate profit margin risks [2] - The general industry trend of raising prices for weight-based products is expected to make Lao Pu Gold's offerings more attractive, potentially encouraging consumers to purchase gold jewelry sooner [2] - Both Lao Pu Gold and Chow Tai Fook maintain a "buy" rating, with a preference for Lao Pu Gold in the short term due to its recent price hikes and higher proportion of priced products [2]